Equine Mortality Insurance
You may be fully insured to protect yourself, your business,
your employees/volunteers and your property from liability
in relation to equestrian activities. But have you thought
about insurance to protect your investment in your horse?
Your investment in your horse is both emotional and financial.
It is as important to protect your financial investment
in your horse as with any other significant investment you
have. Your horse can be a large financial investment for
you which can result in a serious financial loss in the
event of its death. Equine Mortality Insurance is a form
of term life insurance for your horse.
Equine Mortality Insurance protects your financial investment
in your horse by offering coverage in the event of untimely
death, loss or serious injury to your horse. You can obtain
coverage for a horse you own or lease, for its full value
or for a lesser amount. In order to obtain an exact quote
for your Mortality Insurance coverage, your insurance provider
will need to know the value of your horse. This is determined
in part by your horse's breed, age, purchase price, training,
show records, value of your horse's offspring, and by how
you use your horse. Your horse will have to be evaluated
for its worth and state of health at the time of applying
for this type of coverage. If your horse has had any health
problems in the past year, exclusions may apply to your
coverage. For higher valued horses a health certificate
will be required from a veterinarian, giving evidence of
the horse's condition, age, gender and usage, at the time
you apply for mortality insurance. The insured value of
your horse can increase over the years when you renew your
policy if you can demonstrate its increased value through
evidence such as show records, value of offspring, etc.
There are various levels of Mortality Insurance coverage
which you can choose from according to your preference.
An "All Risk" policy will cover death of your
horse from any cause and will pay out the actual value of
your horse at the time of the accident or illness which
causes its death. You are covered under this type of Mortality
Insurance policy if your horse has to be humanely destroyed
as a result of an accident, and also if your horse is stolen,
or dies as a result of being stolen. Your horse must be
certified to be of sound health at the time of first obtaining
a Mortality Insurance policy. You will also be expected
to provide proper care of your horse, including using a
licensed veterinarian if your horse suffers any injury,
accident or sickness. If your horse dies, you must have
an autopsy performed, at your expense, to determine the
exact cause of death.
If your horse is over fifteen years of age, you may have
more difficulty obtaining Mortality Insurance. However,
if this is the case you may still be insurable at higher
rates or with more exceptions to coverage in your policy.
If your horse has a pre-existing health condition, you may
still qualify for Mortality Insurance but with exclusion
for death from that condition. This will be determined by
looking at the individual circumstances of the case in accordance
with an evaluation from a veterinarian, and this can change
if the health condition ceases to exist in later years.
Note that your horse will not be covered under Mortality
Insurance if you are found to have been negligent in your
horse's care, if you do not use a qualified veterinarian
for your horse's care in the case of injury or illness,
or if your horse is used for any purpose other than that
which is stated in your insurance application.
A very important aspect of mortality insurance coverage
is the requirement that you must immediately notify your
insurance provider if anything happens to your insured horse
which might result in a claim being made by you later. If
you do not provide notice to your insurer of any such occurrence,
your later claim may be denied.
Like all insurance policies, there are limitations and
exclusions. Mortality Insurance coverage is provided for
one year terms only, to be renewed upon further health certification
if you choose.
As with all types of Equine Insurance, it is of utmost
importance that you talk to a qualified, professional insurance
provider to determine your particular insurance needs.
The truth is Equine Insurance, if
not purchased correctly,
can cost you hundreds or perhaps hundreds of thousands of
dollars.
Disclaimer:
Articles from Equine World Insurance are offered for
general informational and educational purposes. They are
not offered as, intended as, and do not constitute legal
advice or legal opinions. It is our intention to keep this
information current, although we do not promise or guarantee
that this information is correct for your exact situation,
complete or up-to-date. You should not act or rely on the
information in these articles without seeking the advice
of an attorney who is licensed to practice in your state. |
